FCMB Group Plc has secured shareholder approval to raise N340 billion in capital to strengthen its banking subsidiary, First City Monument Bank Limited. The approval, granted at an extraordinary general meeting in Lagos and virtually, will enable compliance with the Central Bank of Nigeria’s international license requirements. Measures include expanding the authorized capital from N150 billion to N340 billion, and allowing the use of diverse financial instruments such as shares, securities, and loans.
Shareholders also supported plans to divest stakes in certain subsidiaries, reinvesting proceeds into the banking arm. Additionally, they approved accepting surplus funds from an oversubscribed public offer launched in July 2024 and authorized raising $15 million via a mandatory convertible loan for select investors. The company also increased its issued share capital to N19.8 billion, divided into 39.6 billion ordinary shares.
Group Chief Executive Ladi Balogun highlighted the importance of the capital raise, citing it as a milestone in the company’s growth strategy. The Group’s strong performance, including a 67% profit growth in nine months to N91.8 billion, reflects investor confidence and robust returns, reaffirming its strategic trajectory.